Understand where top US companies fit in the photonics and optical interconnects operating landscape.
1. Value Chain Mapping
| Value Chain Segment | Key Companies (Ticker) | Role/Exposure | Notable Details |
|---|---|---|---|
| Materials & Substrates | $AXTI | Secondary | Indium phosphide wafers for lasers, optical transceivers; record backlog, expanding capacity. |
| $COHR | Primary | Indium phosphide, CW lasers, VCSELs, photodiodes; doubling wafer capacity. | |
| Component Suppliers | $LITE, $MTSI, $IPGP, $TDY, $SMTC, $AAOI | Primary/Secondary | Transceivers, lasers (CW, EML, VCSEL), photodetectors, modulators, drivers, TIAs. |
| Foundries/Platform Providers | $GFS, $TSEM, $UMC, $STM | Secondary/Significant | Silicon photonics platforms, SiGe, 12-inch PICs, CPO scaling, high-volume ramps. |
| Packaging & Assembly | $FN, $ASX | Primary/Secondary | Precision photonics packaging, CPO, OCS, system-level integration. |
| Test & Measurement | $AEHR, $FORM, $VIAV, $TER, $KEYS, $NVMI | Secondary | Wafer-level burn-in, CPO test, optical/electrical probe, metrology, validation tools. |
| Connectivity/Passive | $MMM, $TEL, $GLW | Minor/Secondary | Optical connectors (EBO), fiber attach, optical backplanes, fiber/cable. |
| System Integration/Manufacturing | $JBL, $QUBT | Secondary/Primary | Acquired Intel photonics, vertically integrated photonics/quantum platform. |
